onex.com
Search
Investor Information / How We Are Invested text size [+][]
How We Are Invested
Onex has invested its capital in private equity, real estate and credit securities while maintaining a prudent amount of cash to fund future investment opportunities.

Onex Capital
($ in millions)
As at

Mar. 31, 2014

Dec. 31, 2013

Private Equity
Onex Partners
Private Companies(1)

$    2,142 

$ 2,026
Public Companies(2)

437 

627
Unrealized Carried Interest on Onex Partners Investments(3)

207 

202
ONCAP(4)

342 

337
Direct Investments
Private Companies(5)

95 

153
Public Companies(2)

195

186

$    3,418

$ 3,531
Onex Real Estate Partners(6)

134  

144
Onex Credit Partners(7)

288

260

422

404 
Other Investments

109

103 
Cash and Near-Cash(8)

1,781

1,741
Onex Corporation Debt

Nil

Nil

$    5,730

$     5,779
Onex' Capital per Share
(March 31, 2014 - C$55.98; December 31, 2013 - C$54.16)
(9)(10)

$    50.64

$     50.93

(1) Based on the fair value of the investments in Onex Partners’ financial statements net of the estimated Management Investment Plan (“MIP”) liability on these investments of $82 million (2013 - $64 million). 
(2) Based on the closing market values and net of the estimated MIP liability on these investments of $43 million {2013 - $37 million}.
(3) Represents Onex’ share of the unrealized carried interest on public and private companies in the Onex Partners Funds.
(4) Based on the C$ fair value of the investments in ONCAP’s financial statements net of management incentive programs on these investments of $19 million (2013 - $17 million) and a US$/C$ exchange rate of 1.1055 (2013 – 1.0636).  
(5) Based on the fair value.
(6) Based on the fair value of Onex Real Estate Partners’ investments.
(7) Based on the market values of investments in Onex Credit Partners’ Funds and Onex Credit Partners Collateralized Loan Obligations. Excludes $345 million (2013 - $343 million) invested in a segregated Onex Credit Partners unleveraged senior secured loan strategy fund, which is included with cash and near-cash items.
(8) Includes $345 million (2013 - $343 million) invested in a segregated Onex Credit Partners' unleveraged senior secured loan strategy fund.
(9)



(10)
Calculated on a fully diluted basis. Fully diluted shares were approximately 115.5 million at March 31, 2014 (December 31, 2013 – 115.9 million). Fully diluted shares include all outstanding Subordinate Voting Shares and outstanding Stock Options that have met the minimum 25% prince appreciation threshold.
The change in Onex' Capital per Share during the three months ended March 31, 2014 is driven primarily by fair value changes of Onex' investments. Share repurchases and options exercised during the period will have an impact on the calculation of Onex' Capital per Share. The impact on Onex' Capital per Share will be to the extent that the price for share repurchases and options exercised is above or below the Onex' Captial per Share.

Onex Corporation has no debt. Its policy is to preserve a financially strong parent company that has funds available for new acquisitions and to support the growth of its businesses.